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<div id="printheader"><h1 class="p_Heading1"><span class="f_Heading1">Net Present Value (NPV)</span></h1>
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   <h1 class="p_Heading1"><span class="f_Heading1">Net Present Value (NPV)</span></h1>

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<p style="text-align: justify; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri;">Net Present Value (NPV) or sometimes called present value, is a calculation commonly used to estimate the profitability of a land use over many years. NPV takes into account the time-value of money. Since waiting for profits is less desirable then obtaining profits now, the “value” of future profits is discounted by a specific percentage rate (White et al. 2010).</span></p>
<p style="text-align: justify; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">There are many land use systems involving perennials crops and thus constitute long term investment. NPV measures profitability by addressing differently future costs and benefit streams. NPV accumulates discounted revenues less costs of tradable inputs and domestics factors over the period of calculation.</span></p>
<p style="text-align: justify; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri;">Tradable inputs consist of fertilizer, fuel and farming tools; while domestic factors are combination of land, labor and management. Costs are defined by multiplying price with the quantity of each items applied during the activities in the period of calculation.</span></p>
<p style="text-align: justify; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri;">The benefits consist of monetary outputs yielded by the land‐uses activity along the period of cash flow or analytic horizon. Each land‐use activity has different outputs, single or varies all outputs should be monetary valued using appropriate prices.</span></p>
<p style="text-align: justify; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri;">The Calculation of NPV is based on formula follows:</span></p>
<p style="text-align: center; line-height: 1.15; margin: 0px 0px 8px 0px;"><img src="npv.png" width="197" height="55" alt="NPV" style="border:none" /></p>
<p style="text-align: center; line-height: 1.15;"><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Where &nbsp; &nbsp; &nbsp; &nbsp;: r = discount rate</span></p>
<p style="text-align: center; line-height: 1.15;"><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">t = year</span></p>
<p style="text-align: center; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;   &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; n = analytic horizon (in years) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</span></p>
<p style="text-align: center; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-family: calibri; font-style: italic; color: #0d0d0d;">Source: Monke and Pearson, 1995</span></p>
<p style="text-align: justify; line-height: 1.15;"><span style="font-size: 16px; font-family: calibri;">For brief explanation of NPV calculation see Table 3.</span></p>
<p style="text-align: center; line-height: 1.15;"><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Table 3 Profitability of a land use within a period of time (Yn)</span></p>
<div style="text-align: center; text-indent: 0px; padding: 0px 0px 0px 0px; margin: 0px 0px 0px 0px;"><table style="margin:0 auto; border:none; border-spacing:0px; border-collapse:collapse;">
<tr style="text-align:left;vertical-align:top;">
<td style="vertical-align:top; width:362px; background-color:#f79646; padding:4px; border:solid 1px #f79646; border-right:none; border-bottom:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="color: #000000;">&nbsp;</span></p>
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<td style="vertical-align:top; width:43px; background-color:#f79646; padding:4px; border:solid 1px #f79646; border-right:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Y1</span></p>
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<td style="vertical-align:top; width:33px; background-color:#f79646; padding:4px; border:solid 1px #f79646; border-right:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Y2</span></p>
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<td style="vertical-align:top; width:33px; background-color:#f79646; padding:4px; border:solid 1px #f79646; border-right:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Y3</span></p>
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<td style="vertical-align:top; width:33px; background-color:#f79646; padding:4px; border:solid 1px #f79646; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Yn</span></p>
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<tr style="text-align:left;vertical-align:top;">
<td style="vertical-align:top; width:362px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">Total Cost</span></p>
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<td style="vertical-align:top; width:43px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">100</span></p>
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<td style="vertical-align:top; width:33px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">50 </span></p>
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<td style="vertical-align:top; width:33px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">50</span></p>
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<td style="vertical-align:top; width:33px; padding:4px; border:solid 1px #f79646; border-top:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">40</span></p>
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<tr style="text-align:left;vertical-align:top;">
<td style="vertical-align:top; width:362px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">Total Benefit</span></p>
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<td style="vertical-align:top; width:43px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: 'times new roman';">0</span></p>
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<td style="vertical-align:top; width:33px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: 'times new roman';">0</span></p>
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<td style="vertical-align:top; width:33px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">70</span></p>
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<td style="vertical-align:top; width:33px; padding:4px; border:solid 1px #f79646; border-top:none; border-bottom:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">100</span></p>
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<tr style="text-align:left;vertical-align:top;">
<td style="vertical-align:top; width:362px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">Profit (Benefit-Cost)</span></p>
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<td style="vertical-align:top; width:43px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">-100</span></p>
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<td style="vertical-align:top; width:33px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">-50</span></p>
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<td style="vertical-align:top; width:33px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">20 </span></p>
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<td style="vertical-align:top; width:33px; padding:4px; border:solid 1px #f79646; border-top:none; border-left:none;"><p style="line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">60</span></p>
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<p style="text-align: justify; line-height: 1.15; margin: 16px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri;">The NPV is the accumulation of discounted profit within a period of time [Y1 …, …, Yn = 100 + (-50) + 20 + … + 60]. This calculation can also be done by Microsoft excel using following syntax: </span></p>
<p style="text-align: center; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri; font-weight: bold;">“=NPV(discount rate; profit value)”</span></p>
<p style="text-align: justify; line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">NPV of a land use activity over the period of calculation is appraised as profitable if NPV greater than 0. In contrary, if the NPV less then zero is called unprofitable by definition. This does not necessary mean that there are not positive cash flow. This situation means that it would be more profitable to do other things with land, labor, and capital then to devote them to this activity.</span></p>
<p style="text-align: justify; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri;">Profitability can be assessed using both private and social values. If the calculation employs financial prices so it called private profitability, while social profitability uses economics prices. The differences between financial and economics profitability are showed on table 4.</span></p>
<p style="text-align: center; line-height: 1.15;"><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Table 4 The differences between financial (private) and economic (social) price</span></p>
<div style="text-align: center; text-indent: 0px; padding: 0px 0px 0px 0px; margin: 0px 0px 0px 0px;"><table style="margin:0 auto; border:none; border-spacing:0px; border-collapse:collapse;">
<tr style="text-align:left;vertical-align:top;">
<td style="vertical-align:top; width:286px; height:26px; background-color:#f79646; padding:4px; border:solid 1px #f79646; border-right:none; border-bottom:none;"><p style="text-align: center; line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri; font-weight: bold; color: #0d0d0d;">Private Profitability</span></p>
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<td style="vertical-align:top; width:243px; height:26px; background-color:#f79646; padding:4px; border:solid 1px #f79646; border-bottom:none; border-left:none;"><p style="text-align: center; line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri; font-weight: bold; color: #0d0d0d;">Social Profitability</span></p>
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<tr style="text-align:left;vertical-align:top;">
<td style="vertical-align:top; width:286px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none;"><p style="text-align: left; padding: 0px 0px 0px 24px; margin: 0px 0px 0px 24px;"><span style="font-size:16px; font-family: 'Arial Unicode MS','Lucida Sans Unicode','Arial';color:#0d0d0d;display:inline-block;width:24px;margin-left:-24px">&#8226;</span><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Reflecting actual markets</span></p></td>
<td style="vertical-align:top; width:243px; padding:4px; border:solid 1px #f79646; border-top:none; border-bottom:none; border-left:none;"><p style="text-align: left; padding: 0px 0px 0px 24px; margin: 0px 0px 0px 24px;"><span style="font-size:16px; font-family: 'Arial Unicode MS','Lucida Sans Unicode','Arial';color:#0d0d0d;display:inline-block;width:24px;margin-left:-24px">&#8226;</span><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Reflecting economic efficiency at national scale</span></p></td>
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<tr style="text-align:left;vertical-align:top;">
<td style="vertical-align:top; width:286px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none;"><p style="text-align: left; padding: 0px 0px 0px 24px; margin: 0px 0px 0px 24px;"><span style="font-size:16px; font-family: 'Arial Unicode MS','Lucida Sans Unicode','Arial';color:#0d0d0d;display:inline-block;width:24px;margin-left:-24px">&#8226;</span><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Net return received by the land-use operator, farmers</span></p></td>
<td style="vertical-align:top; width:243px; padding:4px; border:solid 1px #f79646; border-top:none; border-bottom:none; border-left:none;"><p style="text-align: left; padding: 0px 0px 0px 24px; margin: 0px 0px 0px 24px;"><span style="font-size:16px; font-family: 'Arial Unicode MS','Lucida Sans Unicode','Arial';color:#0d0d0d;display:inline-block;width:24px;margin-left:-24px">&#8226;</span><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Potential net return</span></p></td>
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<tr style="text-align:left;vertical-align:top;">
<td style="vertical-align:top; width:286px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none; border-bottom:none;"><p style="text-align: left; padding: 0px 0px 0px 24px; margin: 0px 0px 0px 24px;"><span style="font-size:16px; font-family: 'Arial Unicode MS','Lucida Sans Unicode','Arial';color:#0d0d0d;display:inline-block;width:24px;margin-left:-24px">&#8226;</span><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Show the competitiveness of agricultural system at given current technology, output values, import cost, policy transfer</span></p></td>
<td style="vertical-align:top; width:243px; padding:4px; border:solid 1px #f79646; border-top:none; border-bottom:none; border-left:none;"><p style="text-align: left; padding: 0px 0px 0px 24px; margin: 0px 0px 0px 24px;"><span style="font-size:16px; font-family: 'Arial Unicode MS','Lucida Sans Unicode','Arial';color:#0d0d0d;display:inline-block;width:24px;margin-left:-24px">&#8226;</span><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Measure comparative advantage in agricultural commodity system</span></p></td>
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<tr style="text-align:left;vertical-align:top;">
<td style="vertical-align:top; width:286px; padding:4px; border:solid 1px #f79646; border-top:none; border-right:none;"><p style="text-align: left; padding: 0px 0px 0px 24px; margin: 0px 0px 0px 24px;"><span style="font-size:16px; font-family: 'Arial Unicode MS','Lucida Sans Unicode','Arial';color:#0d0d0d;display:inline-block;width:24px;margin-left:-24px">&#8226;</span><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Price used: actual market price</span></p></td>
<td style="vertical-align:top; width:243px; padding:4px; border:solid 1px #f79646; border-top:none; border-left:none;"><p style="text-align: left; padding: 0px 0px 0px 24px; margin: 0px 0px 0px 24px;"><span style="font-size:16px; font-family: 'Arial Unicode MS','Lucida Sans Unicode','Arial';color:#0d0d0d;display:inline-block;width:24px;margin-left:-24px">&#8226;</span><span style="font-size: 16px; font-family: calibri; color: #0d0d0d;">Price used: world price</span></p></td>
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</table>
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<p style="line-height: 1.15; margin: 0px 0px 13px 295px;"><span style="font-family: calibri; font-style: italic;">(Source: Monke and Pearson, 1995)</span></p>
<p style="text-align: justify; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri;">Some of the sources of differences in private and social NPV are on policy distortions, ex. Taxes, subsidy and import restrictions. Private and social NPV are expressed in $/ha in Abacus.</span></p>
<p style="text-align: justify; line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">Private profitability usually used to assess competitiveness and efficiency at the farm-gate level, therefore it reflects return to land for the land’s operator side. Social profitability measures comparative advantage in agricultural commodity system.</span></p>
<p style="text-align: justify; line-height: 1.15;"><span style="font-size: 16px; font-family: calibri; font-weight: bold;">How to input data Net Present Value (NPV):</span></p>
<p style="text-align: justify; line-height: 1.15; margin: 0px 0px 8px 0px;"><span style="font-size: 16px; font-family: calibri;">Click </span><span style="font-size: 16px; font-family: calibri; font-weight: bold;">input </span><span style="font-size: 16px; font-family: calibri;">button from main menu </span><span style="font-size: 15px; font-family: Wingdings;">&rarr;</span><span style="font-size: 16px; font-family: calibri;"> </span><span style="font-size: 16px; font-family: calibri; font-weight: bold;">economic data</span><span style="font-size: 16px; font-family: calibri;"> </span><span style="font-size: 15px; font-family: Wingdings;">&rarr;</span><span style="font-size: 16px; font-family: calibri;"> </span><span style="font-size: 16px; font-family: calibri; font-weight: bold;">Net Present Value (NPV) </span><span style="font-size: 16px; font-family: calibri;">or expands the tree menu on the structured menu frame (on the left side by default) click </span><span style="font-size: 16px; font-family: calibri; font-weight: bold;">+input </span><span style="font-size: 15px; font-family: Wingdings; font-weight: bold;">&rarr;</span><span style="font-size: 16px; font-family: calibri; font-weight: bold;"> +economic data </span><span style="font-size: 15px; font-family: Wingdings; font-weight: bold;">&rarr;</span><span style="font-size: 16px; font-family: calibri; font-weight: bold;"> Net Present Value (NPV).</span></p>
<p style="text-align: center; line-height: 1.15;"><img src="npv_zoom79.png" width="719" height="260" alt="npv" style="border:none" /></p>
<p style="text-align: center; line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">Net Present Value (NPV)</span></p>
<p style="text-align: center; line-height: 1.15;"><img src="hmfile_hash_ae6f8949.png" width="713" height="530" alt="npv lus" style="border:none" /></p>
<p style="text-align: center; line-height: 1.15; margin: 0px 0px 13px 0px;"><span style="font-size: 16px; font-family: calibri;">Input data Net Present Value (NPV)</span></p>
<p style="text-align: justify; line-height: 1.15;"><span style="font-size: 16px; font-family: calibri;">Fill in the NPV on the available table for corresponding land use and zone. You can do copy and paste method for modifying the data on the table (ex. Copy from MS Excel table).</span></p>

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